A balance sheet can be standardized by expressing each asset and liability as a percentage of total assets. True False

True

Explanation:

A Balance Sheet is one of the financial statements used to help a company find out its total assets, liabilities and equity along with its financial position in the market. A balance sheet helps to find out the equity of a company by deducting its liabilities from its assets.

It is true to say that a Balance Sheet can be standardized by expressing each of its assets and liability as a percentage of total assets. This method of standardizing is commonly known as preparation of Common Size Statements where each item of the balance sheet that is the assets and the liabilities are expressed in the form of percentage of the total assets.

This helps a company to find out the changes taking place in the company's financial statements. Its makes the comparison easy over a period of two to three years.

answera major piece of legislation affecting the financial industry and containing significant privacy provisions for individuals;